Based on the last 12 ISM Non-Manufacturing PMI events in United States, we expect a 46 pip movement on NZDUSD within 2 hours following the event release at 2023-05-04 00:00. We expect NZDUSD to trend downwards 2 hours following the event release at 2023-05-04 00:00 if the released value is > 51.8

Historical events that allowed us to draw this conclusion

04 Mar 02:00	04 Feb 02:00
06 Dec 02:00	07 Sep 00:00
07 Jul 00:00

All references to movement sizes are expressed assuming a lot size of 100,000 units (“standard account”).